Most small business owners will agree that taking on the challenge of running your own business can be extremely frustrating and overwhelming. There is a multitude of challenges with any small business and certainly having to manage your small business taxes proves to be anything but easy. From claiming employees to understanding deductibles, the challenges are many. When you first start out with your small business tax mistakes are a problem shared by most owners. With that said, here at Tax Alternatives we want to take this time to share some of the most common mistakes that are made by small business owners when it comes to their business taxes.
Common Tax Mistakes
When you are learning about how to run your new business it is important to avoid these common mistakes that come into play when filing your business taxes.
- Failure to Timely File and Pay Your Taxes – At Tax Alternatives we understand how difficult it can be to run a small business. When it comes to processing your taxes, it is critical that they are both filed and paid by the required deadlines. If taxes are filed or paid late, there is a penalty that will have to be paid. That’s where our highly skilled and experienced team can help. When you put your trust in our team, rest assured there will be no tax mistakes. Our team of experts ensures that your taxes are all prepared accurately and filed on time and you are never faced with paying a penalty.
- Identifying as The Wrong Business Type – There are three different types of small business categories. They are a sole proprietorship, a partnership or a limited liability company referred to as an LLC. Each of these entities fall under different tax rules and regulations. In order to pay the right taxes, it is important that you know which structure will best suit your business. Again, our team of skilled professionals can help you with all your important small business set up decisions that impact your small business taxes.
- Claiming Expenses That Are Non-deductible – Understanding deductibles can be very frustrating and confusing. The tax laws change from year to year as most business owners know which makes the task at hand even more challenging. To avoid any issues with your business taxes it is imperative that you avoid claiming expenditures that are considered non-deductible items. Here at Tax Alternatives, we stand ready to help you navigate and understand the many confusing tax laws and regulations and ensure that your business is compliant with all. We are here to ensure that your taxes are filed on time and correctly and that you do not claim non-deductible items.
- Overlooking the Value That Small Deductions Have on Your Small Business – There are all sorts of small deductions that small business owners make. Many of these can be deducted from your business taxes. Items that are directly linked to your small business as well as charitable items can all be deducted. Understanding which small items can be deducted and avoiding tax mistakes in this area can be very confusing which is why you should put your trust in our team. Our tax specialists will help you to get as many proper deductions as possible and again, ensure that your taxes are prepared accurately and filed in a timely fashion.
Trust Our Team of Professionals
Here at Tax Alternatives, our team is steadfast in their commitment to meet the individual needs of all our valued clients. We offer free consultations, encourage open communication at all times and provide only the highest quality services in the region. If you are concerned about small business tax mistakes and are in need of superior yet affordable tax preparation and filing services, our team has got you covered. Simply give a shout out to one of our dedicated staff members and schedule your free consultation. It’s time to take all the fear and stress out of yearly tax filings by putting your trust in the hands of some of the absolute best in the industry. Reach out to the team here at Tax Alternatives where our clients and their security and satisfaction are always our number one priority!!